Key characteristics of the "third age of globalization":
- Paradox (i.e. saying one thing, doing another)
Three stages thus far:
- Go global. 1980’s – “western monologue” – get your products in front of the world’s consumers
- Think global, act local. 1990’s – “translated western monologue.” Adapt your products to local markets and they will buy them.
- Individual consumers. 2000’s. “evolving dialogue” beware of stronger local competition. Examples include Tuangou and naughtycodes.
There’s a growing luxury paradox: I like to buy products with prestigious brand names + I always like to buy things on sale (i.e. value-driven). Target is taking advantage of this trend, offering design brands at affordable prices.
There’s a growing health paradox: people realize the importance of healthy behavior + don’t [practice] often.
Annual perspective reveals an evolution of consumer moods:
- 1995: the age of autonomy
- 1998: spiraling into control
- 2001: recentering
- 2003: trading out/trading in
- 2004: creative tension
- 2005: lab time
- 2006: bringing it home, breaking away
- 2007: consumer mood = subdued. Consumer response = awakening
Themes in 2007: Assessing what it means to be an American. A move to authenticity. Two sides to every story.
America’s major concerns:
– country going in the wrong direction
– concern about having enough money for medical bills
– Considered as status symbols: having attended an elite college = 52%, flying first class = 55%
Thus, more people seeking community in places like co-ops and supper clubs.